Analysis of changes in corporate external guarantee behavior and the role of governance factors under economic policy uncertainty
This study utilizes quarterly data from China's A-share listed companies spanning the years 2010 to 2022 to investigate how economic policy uncertainty influences corporate external guarantee practices. The findings reveal that as economic policy uncertainty escalates, corporations tend to broa...
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| Published in | International review of financial analysis Vol. 97; p. 103801 |
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| Main Authors | , , , |
| Format | Journal Article |
| Language | English |
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01.01.2025
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| Abstract | This study utilizes quarterly data from China's A-share listed companies spanning the years 2010 to 2022 to investigate how economic policy uncertainty influences corporate external guarantee practices. The findings reveal that as economic policy uncertainty escalates, corporations tend to broaden the scope of their external guarantees. The underlying mechanism suggests that, firstly, banks respond to heightened economic policy uncertainty by elevating credit financing thresholds and restricting credit supply. Secondly, corporations, impacted by the broader macroeconomic environment, experience a decline in profitability and liquidity, prompting them to increase external guarantee activities as a means of securing external financing. Notably, for corporations with more proficient boards and stronger operational capabilities, the influence of economic policy uncertainty on their external guarantee practices is comparatively diminished.
•Economic uncertainty boosts firms' external guarantees.•As economic uncertainty rises, enterprise liquidity falls, boosting external guarantees.•Economic uncertainty weakens profitability, boosting firms' external guarantees.•Better management governance reduces firms' sensitivity to economic policy uncertainty. |
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| AbstractList | This study utilizes quarterly data from China's A-share listed companies spanning the years 2010 to 2022 to investigate how economic policy uncertainty influences corporate external guarantee practices. The findings reveal that as economic policy uncertainty escalates, corporations tend to broaden the scope of their external guarantees. The underlying mechanism suggests that, firstly, banks respond to heightened economic policy uncertainty by elevating credit financing thresholds and restricting credit supply. Secondly, corporations, impacted by the broader macroeconomic environment, experience a decline in profitability and liquidity, prompting them to increase external guarantee activities as a means of securing external financing. Notably, for corporations with more proficient boards and stronger operational capabilities, the influence of economic policy uncertainty on their external guarantee practices is comparatively diminished.
•Economic uncertainty boosts firms' external guarantees.•As economic uncertainty rises, enterprise liquidity falls, boosting external guarantees.•Economic uncertainty weakens profitability, boosting firms' external guarantees.•Better management governance reduces firms' sensitivity to economic policy uncertainty. |
| ArticleNumber | 103801 |
| Author | Zhu, Chenzhi Huang, Xiaodong Zhao, Jiayi Hu, Boqiang |
| Author_xml | – sequence: 1 givenname: Xiaodong surname: Huang fullname: Huang, Xiaodong email: huangxd@shupl.edu.cn organization: School of Economics and Management, Shanghai University of Political Science and Law, Shanghai 201701, China – sequence: 2 givenname: Jiayi surname: Zhao fullname: Zhao, Jiayi email: 13842191277@163.com organization: International Business College, Dongbei University of Finance and Economics, Dalian, Liaoning 116025, China – sequence: 3 givenname: Boqiang surname: Hu fullname: Hu, Boqiang email: boqianglancehu@126.com organization: International School, Jinan University, Guangzhou, Guangdong 511442, China – sequence: 4 givenname: Chenzhi surname: Zhu fullname: Zhu, Chenzhi email: 15715261775@163.com organization: School of Applied Economics, Renmin University of China, Beijing 100872, China |
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| Cites_doi | 10.1016/j.irfa.2022.102301 10.1016/j.irfa.2023.103022 10.1016/j.irfa.2022.102182 10.1080/1540496X.2019.1673160 10.1016/j.irfa.2022.102476 10.1016/j.eap.2022.03.018 10.1371/journal.pone.0270581 10.1108/IJOEM-10-2020-1181 10.1016/j.chieco.2019.101303 10.1016/j.irfa.2021.101818 10.1080/13504851.2023.2168605 10.1016/j.iref.2022.02.047 10.1016/j.eap.2021.04.011 10.1016/j.frl.2020.101458 10.1016/j.iref.2022.01.006 10.1016/j.iref.2020.01.006 10.1111/acfi.12511 10.1016/j.ribaf.2024.102526 10.1016/j.frl.2020.101613 |
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Evidence from board size publication-title: Finance Research Letters doi: 10.1016/j.frl.2020.101613 |
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| Title | Analysis of changes in corporate external guarantee behavior and the role of governance factors under economic policy uncertainty |
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